National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more internation and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

Joel Robinson

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

First look: Aqualand joins St Leonards apartment party

<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

Roberts Co has entered a new phase of growth following its acquisition by Arada, one of the world’s fastest-growing property developers in Australia.

The acquisition is supported by a $50 million capital injection into Roberts Co’s Australian balance sheet, consisting of the previously announced $25 million recapitalisation and an additional $25 million in new funding from Arada.

This investment strengthens Roberts Co’s financial position, stabilises operations, and provides the foundation for strategic expansion beyond its New South Wales base, with a focus on new opportunities in Queensland, including the Brisbane and Gold Coast regions.

With Arada’s international resources and financial backing, Roberts Co will broaden its portfolio across residential, commercial, and infrastructure sectors, reinforcing its strong market position in New South Wales and setting itself to capture growth in one of Australia’s most dynamic construction markets.

Ahmed Alkhoshaibi, Group CEO of Arada, said Roberts Co has a proud Australian heritage, an outstanding delivery record, and a strong reputation for collaboration with clients and partners.

"By combining this expertise with Arada’s global scale and financial capacity, we are creating a platform for sustained growth in the Australian market,"&nbsp;Alkhoshaibi said.

“Our $50 million capital injection, including new funds from Arada, underlines our commitment to both stabilise and expand Roberts Co’s operations, particularly into the fast-growing Queensland market. We see significant potential in South-East Queensland’s pipeline and are confident Roberts Co is well placed to deliver lasting value for clients and communities.”

George Kostas, CEO of Roberts Co, said Queensland, and particularly South-East Queensland, is one of the most active and opportunity-rich regions in Australia right now.

"The lead-up to the Brisbane 2032 Olympic Games will bring unprecedented investment across housing, transport, and infrastructure. Roberts Co is eager to play a major role in that transformation and secure a meaningful share of this fast-growing market.”

Arada pours more funds into Roberts Co, flags expansion into South East Queensland construction market

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The repeatedly graffitied, vandalised, run-down Moree fibro cost $15,000 in June, and five months later it's been sold at $74,500.
After the $15,000 renovation,  property investor Engelo Rumora had put the property back on the market for $80,000, offered with the tenants paying $180 a week.
It recently sold through <a target="_blank" href="https://www.homehound.com.au/6+cooee+street+moree+nsw+2400/">Petta Melbourne from Artesian Real Estate</a>.
<img src="/images/stories/2012/11/cheapflicker.jpg">
"A total make-over has seen this property transformed from ordinary into extraordinary," her marketing said.
Rumora said his initial low purchase price was due to persistence and a little luck. The property had been on <a target="_blank" href="https://www.propertydealfinder.com.au/">Nathan Birch's Property Dealfinder site</a>.
"Originally I saw it on the market advertised for $80,000 and it needed a bit of work but I made some enquiries anyway," he told the September edition of the API magazine.
"Turned out the owner planned to renovate and do some work.
"A few months later it had dropped to $60,000 so I checked in with the agent again and made an offer to buy the renovated property for $35,000, and we started negotiations."
<img src="/images/stories/2012/11/cheapkitchen.jpg">
During negotiations the four-bedroom house was broken into and vandalised, at which point insurance money became involved. 
"I checked in again after a few weeks and the vendor was supposed to be getting an insurance payout … but the agent said he was having problems with the insurance company.
"That day I offered to take it off his hands for $15,000 cash. And he agreed."
According to Rumora, $15,000 was enough to get it back into shape.
"I don't install $10,000 kitchens and granite benchtops — this isn't Vaucluse. I stuck an $800 Bunnings kitchen in there and went down the budget route."
Rumora also opted for interior all-over spray-paint to slash the budget. A spray gun got the place painted for about $3,000.
"Normally painting a home is expensive because of the labour. You've got a different colour on the ceiling, the walls and the woodwork and that takes time. We covered the windows and floors and sprayed the lot," he said.
"Making around $40,000 profit is pretty sexy numbers," he said.
Property Observer ascertains its lastest price roughly matches its $70,000 sale price in 2007. It had sold at $10,080 in 1969. 
Rumora lists his other success stories <a target="_blank" href="https://www.engelorumora.com/">on his website</a>, where he recently announced he was taking his endeavours overseas to the USA.
</body></html>

jchancellor-FAypfDUnLy

Australia's cheapest reno house resells at $74,500 – five months after its $15,000 purchase

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The popularity of home renovation reality shows like The Block and The Renovators has encouraged more Australians to undertake their own renovations putting them at risk of deadly diseases caused by exposure to asbestos fibres, according to Asbestos Diseases Foundation of Australia (ADFA).
The ADFA is warning of a third wave of victims and their families as part of  Asbestos Awareness Week, which is running with the slogan:  “Don’t play Renovation Roulette!”
The first wave was those working in mining and manufacturing exposed to raw fibres followed by workers who used asbestos products in the workplace (the second wave).
According to the ADFA, the case of women suffering from mesothelioma (an incurable asbestos-related cancer), are rising with the ADFA expecting these to spike over the next 40 years unless “Australians start taking seriously the dangers of asbestos when renovating or maintaining their homes”.
“With DIY renovations increasing partly due to the popularity of home renovation and lifestyle television programs and magazines, those thinking about renovating or home maintenance must visit asbestosawareness.com.au to learn where asbestos can be found in the home and how best to manage it,” says professor Nico van Zandwijk, director of ADFA.
The ADFA believes reality renovation shows have a moral obligation to include "substantial warnings” about asbestos for viewers and claims they have let viewers down by not having warnings.
Viewers of hit series The Block were warned by presenter Scott Cam of the dangers of asbestos in <a target="_blank" href="https://homes.ninemsn.com.au/theblock/updates/8457681/scott-cam-asbestos-and-the-block">this video</a>.
“Asbestos is an absolute killer and if you're thinking of renovating, make sure you get your place checked out by professionals," Cam said "If you do find something, make sure those professionals remove it."
Channel 10’s <a target="_blank" href="https://therenovatorstv.com.au/start-renovating.htm">The Renovators</a> did not appear to have any prominent asbestos warnings on its website.
The ADFA’s asbestos concerns have been echoed by Archicentre, the building design, inspection and advice service of The Australian Institute of Architects, which is also warning of the deadly dangers of lead paint
David Hallett, from Archicentre said the real risk of exposure to asbestos fibres and dust occurs with the demolition, drilling or cutting of products containing asbestos and in the case of lead paint the burning, sanding or stripping of paint can produce dangerous toxins.
"Tens of thousands of renovations take place every year often with families living in the home during the renovation placing people at danger unless the renovation is carried out safely,” says Hallett.
"It is vital for everyone to understand that once you disturb asbestos there are extreme health risks involved for home owners and their families in relation to the diseases which can be caused by asbestos fibres."
"Anyone undertaking renovations and living in their home at the same time with their children needs to be well informed about the dangers and extremely careful about how asbestos and lead paint is managed by contractors who may be carrying out the renovation works."
Inhalation of asbestos fibres can cause serious illnessesincluding malignant lung cancer, mesothelioma, and asbestosis
Most homes built in Australian between 1945 and 1987 would have been constructed using asbestos as insulation in the roof.
A complete ban on asbestos-containing material in Australia was introduced in 1991.
According to the ADFA, if asbestos is left undisturbed, it generally does not pose a health risk.
However a study of mesothelioma cases carried out by Western Australian Mesothelioma Register (from 1960 to 2008) showed that over a four year period (2005 and 2008), 8.4% of all men and 35.7% of all women diagnosed with mesothelioma were home renovators with renovations and maintenance being the main cause of the disease in women.
The study also noted that the most prevalent non-occupational exposure of people occurred during simple home renovations, with mesothelioma patients reporting having drilled or sanded asbestos cement walls, lifted linoleum floors and used asbestos cement sheeting to build sheds and fences, laundries and simple extensions, often with exposure limited to a single activity.
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Popularity of home renovation reality television shows creating deadly asbestos health risk: ADFA

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The production of residential lots on the outskirts of Melbourne is forecast to fall 27% annually over the next few years as demand remains subdued, according to a new report by BIS Shrapnel.
The research firm is forecasting annual lot production to fall from an average of 16,917 lots annually from 2007 to 2012 to just 12,340 between 2012 and 2017.
A 22% decline is anticipated for outer Adelaide, with average lot production of 2,962 lots between 2007 and 2012 falling to 2,320 over the next five years.
Recent and Forecast Lot Production
<table width="370" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" nowrap width="139">
City/region
</td>
<td valign="top" colspan="2" nowrap width="230">
Average lots produced annually
</td>
</tr>
<tr>
<td valign="top" nowrap width="139"></td>
<td valign="top" nowrap width="125">
2007-2012
</td>
<td valign="top" nowrap width="105">
2012-2017 forecast
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Sydney
</td>
<td valign="top" nowrap width="125">
2,809
</td>
<td valign="top" nowrap width="105">
5,870
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Melbourne
</td>
<td valign="top" nowrap width="125">
16,917
</td>
<td valign="top" nowrap width="105">
12,340
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Brisbane
</td>
<td valign="top" nowrap width="125">
5,372
</td>
<td valign="top" nowrap width="105">
5,560
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Gold Coast
</td>
<td valign="top" nowrap width="125">
1,494
</td>
<td valign="top" nowrap width="105">
2,280
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Sunshine Coast
</td>
<td valign="top" nowrap width="125">
1,652
</td>
<td valign="top" nowrap width="105">
1,820
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Adelaide
</td>
<td valign="top" nowrap width="125">
2,962
</td>
<td valign="top" nowrap width="105">
2,320
</td>
</tr>
<tr>
<td valign="top" nowrap width="139">
Outer Perth  (includes Mandurah)
</td>
<td valign="top" nowrap width="125">
7,633
</td>
<td valign="top" nowrap width="105">
11,280
</td>
</tr>
</tbody></table>
 Source: BIS Shrapnel
The forecast comes as Melbourne house-and-land developers continue to offer incentives in an effort to encourage buyers, despite <a target="_blank" href="https://www.propertyobserver.com.au/land/price-melbourne-land-at-its-true-value-and-buyers-will-come-australand/2012102357384">warnings from the likes of Australand's Rob Pradolin </a>that these only distort the market and can create financing problems for buyers.
“These two markets experienced the strongest residential rebound after the global financial crisis (GFC), and the consequent combination of high levels of land production and solid land price growth has meant that there is little pressure on the demand for new houses and land,” says report series author and senior manager Angie Zigomanis.
Victorian residential developers have also lost the added sweetener of the $13,000 new home bonus, which was available to first-home buyers and ended in June. According to BIS Shrapnel, the bonus has pulled forward demand.
In its annual report, developer Peet– which has 19% of its land bank in Victoria – notes that the Victorian residential market “weakened sharply” during the year, with the result that it has “restrained capital expenditure on some key Victorian projects”.
Peet has deferred development in two large, company-owned projects in Victoria until there are signs of improvement and also notes that Victorian buyers have had difficulty securing finance with the market having reached “the top of its cycle”.
“The declines in lot production in the Melbourne and Adelaide markets reflect activity falling from unsustainable record levels, while the weakness in the other cities were the result of excess supply, weak underlying demand, and constrained affordability after land prices had peaked in earlier years,” says Zigomanis.
“These issues are now starting to wash through, with the recent declines in interest rates expected to be the trigger for a pick-up in demand into 2013.
“Conversely, the factors that drove the downturns in the other cities now exist in Melbourne and Adelaide and it will be their turn for demand for land to experience a period of weakness,” he says.
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Demand for residential land to remain subdued on Melbourne and Adelaide fringes till 2017: BIS Shrapnel

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The rich and stylish of the Philippines have a new luxury brand development to buy into.
<img src="/images/stories/2012/11/cielo5.jpg">
Acqua Iguazu is the fifth building of a US$41.4 million six-tower development in Manila, but it is the first collaboration between Philippine developer Century Properties, London interior design outfit "Yoo inspired by Starck" and British real estate magnate John Hitchcox.
 
<img src="/images/stories/2012/11/cielo2.jpg">
The top levels of the 56-floor tower will have an amenity deck designed by "Yoo inspired by Starck" and called the Cielo, which has a dining room, library, a movie room and fabulous pool.
<img src="/images/stories/2012/11/cielo3.jpg">
There will be 400 apartments, ranging in size from a 26-square-metre pad to three-bedroom apartment over 115 square metres.
<img src="/images/stories/2012/11/cielo4.jpg">
The average price is US $3,700 (A$3,560) a square metre. It is expected the property will realise US $85.5 million and US $365 million for the entire project. The development looks down on the Pasig river between Mandaluyong, a commercial city known for its shopping malls, and Makati, the business district of Manila. 
<img src="/images/stories/2012/11/cielo.jpg">
Design features include a spherical accent crowning the tower, which references the sun and moon, and three show units themed as Minimal, Nature and Culture will be open for inspection from this week.
<img src="/images/stories/2012/11/cielo6.jpg">
The launch of Iguazu follows the successful sales of Acqua's previous four towers; the Niagara, Sutherland, Dettifoss andAcqua Livingstone, with interiors by MissoniHome.
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Yoo inspired by Starck luxury development launches in the Philippines

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Residential developers continue to offer incentives and rebates to encourage buyers of house and land packages and off-the-plan apartments.
These include offers from developers to pay mortgage repayments for a period of time, offers to pay the 5% builder deposit, discounts off the retail price of packages and cash rebates.
Developers increasing reliance on these incentives comes as the outlook for new detached housing remains weak with the latest building approval figures – forward indicators from the ABS show that approvals for detached houses rose just 1.2% from August to September and are down 1.8% year-on-year.
In contrast, apartment approvals rose 17.9% over September to be up 41.6% year-on-year.
Prospective buyers of house and land packages and off-the-plan apartments that come with rebates and incentives could face the possibility of having to raise additional financing due to lenders discounting the rebates from their valuations.
Here’s what’s currently being offered by developers across the country
$24,000 +from Devine
Devine is offering to <a href="https://www.devinemortgagebreak.com.au/" target="_blank">cover mortgage repayments</a> for up to 12 months for buyers of some of its home and land packages. The offer expires on November 30. The fine print says the repayments must be the minimum required repayments on a 30-year loan and interest only during construction. Devine's contribution will not continue for longer than 6 months after house settlement or 12 months after land settlement, whichever occurs first.  Repayments on a $360,000 loan with a 10% deposit over a 30 year term equates to monthly repayments of around $2,000. 
Up to $25,000 from Carlisle Homes at Aston
Carlisle Homes are offering house and land buyers a $15,000 discount for selected house and land packages at its <a href="https://www.carlislehomes.com.au/files/specialOffers/Aston_32k_Flyer.pdf" target="_blank">Aston development in Craigieburn</a> on Melbourne’s northern fringe. There is an extra $10,000 offered for buyers who purchase the Seville 29 or Pavillion 44 on display.
Up to $25,000 from Villawood
Villawood will pay the <a href="https://www.villawoodproperties.com/" target="_blank">5% builders deposit on new homes</a> in communities in Geelong and Melbourne up to a value of $25,000. The offer is for a limited time, but no expiration date is given.
 
Up to $50,000 off retail price from Porter Davis
As part of its <a href="https://www.porterdavis.com.au/content/pdfs/SpringStimulus_lifestyle.pdf" target="_blank">spring stimulus campaign</a>, Porter Davis is offering a $32,000 discount off the retail price of selected single-storey lifestyle homes and $50,000 off selected double-storey lifestyle homes.
 
From around $13,000 - Meriton to pay stamp duty on apartments
<a href="https://www.meriton.com.au/our-services/finance-services/stamp-duty-concessions-and-grants/" target="_blank">Apartment builder Meriton</a> is offering to pay the stamp duty on all apartments less any applicable government grants. The offer excludes apartments at Oceanvale (Warriewood) and Cascada (Sylvania). Prices for Meriton apartments start from around $400,000 which equates to stamp duty of $13,500 in NSW and $16,300 in Queensland
Double deposit up to $10,000 from Devine
Devine is offering to <a href="https://www.devine.com.au/contact-us.aspx?double=true" target="_blank">double a buyer’s deposit</a> on house and land packages up to a maximum of $10,000.The purchaser will still need to provide funds or obtain finance for the full balance purchase price in order to settle. 
Up to $10,000 in rebates from Satterley
<a href="https://www.satterley.com.au/www.satterley.com.au/go/special-rebate-offer/special-rebate-offer" target="_blank">WA developer Satterley</a> is offering rebates – cash and stamp duty – on house and land packages in a selection of its residential communities from $5,000 to $10,000.
If you are offering an incentive to buyers, send an email to <a href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a> and we will include it on this list.
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From $10,000 to $50,000: Residential developers tempt buyers with incentives

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This week's episode of Grand Designs Australia features an house in Annandale that is being built on a small empty allotment overshadowed by a large building either side, one of which is heritage listed.
Brett and Rees are wanting to upsize but don’t want to leave the inner west-suburb of Sydney <a href="/news">Annandale</a>, so have chosen to build on the small empty allotment behind their apartment.
<a target="_blank" href="https://www.lifestyle.com.au/granddesigns/series-3/episode-6-annandale-urban-house.aspx">The Annandale house</a> has been in the works for eight years due to the possibility of the heritage-listed building next to it that may collapse.
The property will start with a basement car park with connecting stairs from the laneway leading up to the main entrance.
The hallway will be a glass atrium; the property will need both artificial and natural light due to the overshadowing buildings.
The large master bedroom will have its own kitchenette and a resort-style open-plan bathroom.
The top tier will play host to a spacious living and kitchen area.
The main feature of the house is set to be a central transparent plunge pool with jets.
Another bedroom is located near the front of the house next to a study.
Grand Designs host and Australian architect Peter Maddison says it is a compact home that must use every iota of space to its full advantage.
The median sale price for Annandale is $893,000, and the indicative gross rental yield is 3.9%.
A property located at 2 Collins Street, Annandale, is currently on the market with a listing price of $865,000. It last sold in 2008 for $425,000.
A property at 63 Young Street, Annandale, has an asking price of $920,000. It last sold in 2009 for $810,000.
Last week Grand Designs Australia featured a luxurious beach house in Bryon Bay.
The Annandale urban house episode will air on the Lifestyle channel on November 22 at 8.30pm.
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An overshadowed, small Annandale block the challenge for this week's Grand Designs

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As project managers, one of our roles is to report to our clients on the progress of their project.  We do this each Friday in a formal written report with photos. The report system proves to be a good record of progress and what happened throughout the project. Our clients get to keep the reports of course and they act as a handy reference tool, giving a snapshot of their project at every stage.
I thought it would make for interesting reading to take some extracts from our weekly client reports on this dual-occupancy project that we have recently completed in the Hunter region of NSW.
The project can be described as: source development site (corner block in Maitland, NSW), design, plan and build two free-standing three-bedroom, two-bathroom, single-storey villas and a two-lot Torrens title subdivision.
You’ll get a taste of the process we managed during this development. Last week we talked about <a href="https://www.propertyobserver.com.au/land/a-dual-occupancy-development-project-from-slab-to-kitchen/2012110857706" target="_blank">what happens from the pouring of the slab through to the kitchen</a>. The slab was poured on June 1, 2012.
3/8/12
The fit-out carpenter was on site this week with the window and door architraves have been installed. Unit 1 is almost complete and work will then move into the second unit today.  Your neighbours have commenced construction on the property next door.
10/8/12
The painters were on site this week, and the waterproofing has been completed to all wet areas: bathrooms, kitchen splashbacks and laundries. Next we will see tiling and baths being delivered and fitted.
17/8/12
The kitchens have been installed and the painting is almost completed. The tiles and the baths have arrived on site and will start to be installed early next week.
24/8/12
The painting is complete, and the tilers are on site this week. The baths have been installed, and the waterproofing around the showers is complete ready for tiling.
<img alt="chiversnov191" src="/images/stories/2012/11/chiversnov191.png" width="470" height="353">
31.8.12
This week the fit-out has commenced. The electrical and plumbing fittings are being installed. On discussing progress with the site manager, the following is expected over the coming weeks
<ul>
<li>Fit-out underway, finished mid next week</li>
<li>Concreter starting on Monday on the driveways</li>
<li>Carpet installed by the end of next week</li>
<li>Then blinds and shower screens the following week</li>
<li>First construction clean next week</li>
<li>Landscaping and fencing approximately the week of September 17</li>
<li>Practical completion inspection approximately three to four weeks, we are aiming for the week of September 17</li>
</ul>
7/9/12
This week the fit was completed and the driveways where poured. The first clean has taken place ready for the carpet to be laid. Landscaping should start to take place soon including the fencing between the units.
<img alt="chiversnov191" src="/images/stories/2012/11/chiversnov192.png" width="470">
 
<hr class="system-pagebreak">
 
14/9/12
Carpets went down this week and the landscaping is scheduled to start on Tuesday, September 18th. Property Bloom will now start to get the ball rolling on tenant procurement; however the occupation certificate is still a number of weeks away yet.
<img alt="chiversnov193" src="/images/stories/2012/11/chiversnov193.png" width="470" height="353">
21/9/12
We met with the leasing agent on site yesterday; we have a longstanding relationship with this agent and an exclusive Property Bloom discount structure in place for our clients.  Their appraisal will be received by mid-next week.
Meanwhile, landscaping has commenced and should be complete today. Fencing will commence on Monday leading up to a practical completion date of October 4.  We have booked the first open house for Friday, October 5, as all works will be completed by then.  We are working with the builder and our private certifier on the occupation certificate and expect them by October 12, which will allow tenants to move in after that date.
28/9/12
Landscaping and fencing is complete. The painter was completing his touch-ups today.
We have confirmed the sealant treatment on the driveways and they should be under way late next week. We are set for the practical completion inspection on Thursday, at which time I will walk through the development with the construction site manager and pick out anything we feel is incomplete or needs attention. We know of a few items that we are hoping will be complete prior to the inspection. These are:
<ul>
<li>Mirrored wardrobe doors (the builder’s supplier has been lagging)</li>
<li>Rainwater tank connection</li>
<li>Driveway sealant – to be done once all tradies are off site</li>
</ul>
To finish the week on a good note, our builder has agreed to tile the rear alfresco dining areas on each unit for free. This is great news and is valued at approximately $2,000 to $3,000. Previously they were to be colour sealed, however as a huge gesture of good faith, they have agreed to tile the entire areas after we complained of the durability of the sealant on other projects.
<img alt="chiversnov194" src="/images/stories/2012/11/chiversnov194.jpg" width="470" height="353">
5/10/12
The PC inspection took place on Thursday. There were still a number of minor items that require attention, which we will have sorted out by mid-next week.
The final inspection for occupation certificate will be next week. I have request this be pushed forward if possible.
12/10/12
The driveways have been sealed and look great. The occupation certificate inspection took place today and we expect our certifiers’ fast turnaround on the OCs.  Our contact at council who is assessing the subdivision, is away today so we will follow up again on Monday.  The first open house is set for 3pm today.
19/10/12  
The occupation certificate has been issued for both units and a second open house was held yesterday afternoon. From the first open we received a strong application. As a result of yesterday’s open,  we received another application of three nurses working at the hospital. The agent is processing their application.  The valuer for the bank is scheduled to conduct their inspection for the builder’s final payment. We anticipate the payment to go through by early next week, at which time we will arrange for handover of the keys so the agent can start the process for the new tenants to move in. 
26/10/112
Tenants are moving into unit 1 tomorrow. We negotiated with our builder to let the agent take the keys prior to settling the final account in good faith and as a favour to Property Bloom due to your bank’s valuer being a little slow in submitting their report and the bank releasing the final drawdown.
2/11/12 - Both units are now leased, with the new tenants moving into unit 2 today.  This is a fantastic result given the OC was issued a matter of days ago. This is now the  final, formal weekly update report, as the project has officially been completed. Of course, we will continue to oversee the registration of your subdivision and are available to assist with any matters to do with your project.  There is a 13-week builders warranty on any defect, so Property Bloom will ensure the agent schedules a follow-up inspection and ask the tenants if there are any issues.  We have ordered depreciation schedules.
 So there it is – this dual-occupancy project was under construction for just 20 weeks.  The building contract stated 26 weeks and we had a few weeks of rain in the early part of the construction phase that did impact on our timing a little, but we are extremely happy with this outcome.  It was a great result for our client as we had tenants in her properties within a few days of receiving the occupation certificates.
I hope this gives you view through the window of property developing. Admittedly this was a smooth project, very straight forward with few hiccups. We did need to iron out a few issues along the way and negotiated some savings for our client not only in dollar value but also in time saved.
Jo Chivers is director of <a href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development. Property Bloom is holding a small seminar next Tuesday in Brookvale in Sydney. Numbers are strictly limited, but if you think you may be ready to take the next step into a property development and would like to come along, then <a href="mailto:jo@propertybloom.com.au">please email Jo for details </a>
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jochivers-wq5Bp59R5a

Dual-occupancy, from slab start to completion in 20 weeks: Jo Chivers

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Women’s fashion identity Amanda Morgan has listed her Walter Burley Griffin-designed home in Toorak.
The property at <a href="https://www.propertyobserver.com.au/https://www.thehomepage.com.au/property/residential/16a-glyndebourne-avenue-toorak/637511?utm_medium=email&amp;utm_campaign=RealEstateNews+Tuesday+13+November+2012&amp;utm_content=RealEstateNews+Tuesday+13+November+2012+Version+A+CID_604a870d06001272bf917665c8b1700d&amp;utm_source=Email%20marketing%20software&amp;utm_term=The%20home%20will%20be%20auctioned%20at%201pm%20on%20Saturday%2024th%20November%20by%20R%20T%20Edgar%20Boroondara" target="_blank">16a Glyndebourne Avenue, Toorak</a>, is known as Salter house after Stanley Salter, who commissioned the property in 1922. It was featured in The Australian Home Beautiful in 1927.
It goes to November 24 auction<a href="https://www.propertyobserver.com.au/https://www.thehomepage.com.au/property/residential/16a-glyndebourne-avenue-toorak/637511?utm_medium=email&amp;utm_campaign=RealEstateNews+Tuesday+13+November+2012&amp;utm_content=RealEstateNews+Tuesday+13+November+2012+Version+A+CID_604a870d06001272bf917665c8b1700d&amp;utm_source=Email%20marketing%20software&amp;utm_term=The%20home%20will%20be%20auctioned%20at%201pm%20on%20Saturday%2024th%20November%20by%20R%20T%20Edgar%20Boroondara" target="_blank"> </a> through R T Edgar Boroondara agent Simon Derham. It last traded at $1,082,500 in 2006. It's now a three-bedroom, three-bathroom house with bluestone terraces with heated waterfall saltwater pool/spa and luxuriant garden deck.
Morgan has owned several fashion franchises, along with being involved with well-known women’s fashion establishments Melrose in Brighton and Dominex in Toorak.
The house on its 642-square-metre block is being marketed as showing Walter Burley Griffin’s <a href="https://nla.gov.au/nla.pic-vn3919897" target="_blank">architectural simplicity </a>while incorporating many of his subtle innovations to take advantage of the home’s natural surroundings.
The heart of the project was arguably its internal courtyard, which architecture commentators described as a gesture adapted from his Prairie House experiments 20 years prior.
It comes with his “knitlock” brick method of construction, which has made his commissions known around the world.
Knitlock was patented in 1917, with a company headquartered at Griffin's Melbourne office formed to market it.
Walter Burley Griffin first settled in Sydney, forming a brief partnership with J Burcham Clamp, who had sought out a friendship with the Griffins in Chicago in about 1913.
However, the partnership was dissolved in 1915 when it became necessary for Griffin to move to Melbourne, as the Federal Capital Office, of which he was director, was in Melbourne.
Griffin rented an office on the seventh floor of 395 Collins Street.
His initial plans to build his patented knitlock construction met resistance from Malvern Council, which was slow to be convinced as to the suitability of the material for a home in the wealthy suburb of Toorak.
The council's procrastination delayed construction, so the Griffin Society records reveal  instead the Griffins sold the land in Kooyong Road to William R. Paling, who in turn commissioned Griffin to design his two-storey house in knitlock.
The Palings' neighbour was a <a href="/news">Toorak </a>property investor who became one of Griffin's best Melbourne clients. Mary Williams commissioned the rental flats Langi at the corner of Toorak and Lansell roads, Toorak.
Griffin's design for Stanley Salter led to designs of knitlock houses for Stanley's brother, Foster Salter in <a href="/news">Brighton</a>, and his brother-in-law, Alfred Ewins in <a href="/news">Ballarat</a>, although neither was built.
Other knitlock houses were built in <a href="/news">Canterbury </a>(1921), <a href="/news">Black Rock</a> (1923), <a href="/news">Surrey Hills </a>(1923), <a href="/news">Heidelberg</a> (1924) and <a href="/news">Woodend </a>(1929).
Knitlock was based on cheap manufacture, lightness and compactness for minimising transport, and on standard units assembled without hand fitting, cutting, bedding or plastering for speedy erection.
Much of the renovation was undertaken by Barbara Hocking, who recollected on its listing once that Griffin's original cottage in the mid-196os was terribly dilapidated.
"In those days it was normal to just tear houses like that down," Hocking recollected.
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Salter House, Walter Burley Griffin's knitlock-designed Toorak home, listed

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On the November 15 episode of Grand Designs, a couple with a property developer background is building a luxurious beach house in Bryon Bay.
Peter Maddison says the house has a distinct Balinese flavor.
The garage is located on the ground floor and has an exterior stone walkway that runs up the east side to the entry. The first floor has the three bedrooms, including the master bedroom, which has an outdoor bath and shower. The top floor consists of an open-plan kitchen and living area, which opens out to a sweeping view of the bay.
A lift services all three levels.
A swimming pool and spa are located at the rear of the block.
The upper structure of the house is made of a lightweight timber that sits on a heavier stone base.
Before building had started on the house, property developer Max tells Maddison the house is going to cost around $2 million to $2.5 million to build.
Max also says the block is one of the most north-east-facing blocks in Australia, meaning it will get early sunlight.
<a href="/news">Byron Bay</a> is a beachside town in the far north-eastern corner of New South Wales.
According to RP Data, the median house price for Bryon Bay is $660,000. Prices dropped 11.1% in the past year and fell 17.5% in the past five years.
The median rent for houses is $550 per week.
A property located on <a href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/properties/147189" target="_blank">12 Beachcomber Drive in Byron Bay</a> is currently listed for $1.85 million. It has been listed for 569 days and was last sold in 2003 for $1.27 million.
Another property located at<a href="https://www.realestate.com.au/property-house-nsw-byron+bay-107948191" target="_blank"> 37 Beachcomber Drive</a> is currently listed for $2.25 million. It has been listed for 1,260 days.
Last week’s episode featured a feng shui expert guiding the development of a <a href="/news">Warburton </a>home.
The Byron Bay Beach house episode will air on the <a target="_blank" href="https://www.lifestyle.com.au/granddesigns/">LifeStyle channel</a> on November 15 at 8.30pm.
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Grand Designs takes on Balinese Byron Bay flavour

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The median price of Melbourne has fallen for the seventh straight quarter and is now well below $200,000 once rebates and incentives are factored in, according to the September quarter Melbourne Growth Area Land Report by Oliver Hume.
It is also the second consecutive quarter that the median land price has fallen below $200,000, with Oliver Hume estimating that $30,000 has been sliced off the median price since the market peaked in December 2010.
Measured across 139 projects, Oliver Hume says the gross median land price over the September quarter was $208,750, or $195,750 after deducting incentives and rebates.
The difference in the two median values exactly matches the $13,000 grant that was withdrawn by the state government on June 30, which was for first-home buyers buying or building new homes up to a value of $600,000.
The report says it may be time to question “what would be the physiological effect on the retail market if rebates and incentives were removed”, adding that “many key stakeholders believe that such an action would reinstall much needed buyer confidence”.
Last month, <a target="_blank" href="https://www.propertyobserver.com.au/land/price-melbourne-land-at-its-true-value-and-buyers-will-come-australand/2012102357384">Rob Pradolin, Australand general manager for residential in Victoria</a>, told Property Observer, developers needed to acknowledge that the “market price of [Melbourne] land has changed” and a “re-adjustment in Melbourne land prices” had taken place.
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The report notes that when rebates and incentives are factored in the fall in first-home buyer median land budgets post the September 2010 peak  has been far more dramatic, falling $48,000, or around 25% to $186,000 – a land price level last experienced in the September quarter 2009.
“Current first-home-buyer land expenditure is thus largely in line with the short-term median – which could be interpreted as a stabilising market," says Oliver Hume.
“Or more importantly, as a key leading indicator that land prices are around where they should be in a balanced market."
The report also found that the rate of supply has adjusted to meet the softer market conditions with just 180 lots added to the current pipeline over the quarter, pushing up total retail supply to around 3,700 lots or just under seven months of supply at current sales rates.
The municipality of Hume continued to record the strongest project sales rate, around eight sales per project per month, followed by Casey, with six sales per project per month in the year to date.
Only two new communities were launched over the quarter in Casey and Hume, which will comprise 589 lots when fully developed and a median land price across the two new projects of $214,950.
This brings the year-to-date count to 19 projects, or around 5,421 lots.
In terms of the 139 projects, Wyndham contains 24% of all projects, followed by Whittlesea and Casey, with 22% and 17% respectively.
The most affordable suburbs are in the Shire of Melton ($164,000), most notable in and around Melton township. <a target="_blank" href="/news">Werribee South</a> ($609,000), <a target="_blank" href="/news">Bundoora </a>($466,250) and <a target="_blank" href="/news">Narre Warren North</a> ($395,000) are the three most expensive suburban land markets
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